Quarterly report pursuant to Section 13 or 15(d)

Stock Options (Tables)

Stock Options (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

The assumptions used principally in determining the fair value of options granted were as follows:

		Three Months Ended March 31,
		2016				2015
Risk free interest rate			1.81	%			1.86	%
Expected dividend yield			0	%			0	%
Expected term in years		6.28				9.87
Expected volatility			88.3	%			101.5	%
Estimated forfeiture rate			5	%			0.34	%

Summary of Option Activity

A summary of option activity for the three months ended March 31, 2016 and is presented below:

										Weighted
										Average
										Remaining
						Weighted				Contractual				Average
						Average				Term in				Intrinsic
Options		Shares				Exercise Price				Years				Value
Outstanding at December 31, 2015			3,982,065			$	1.03
Granted			1,195,000			$	1.40
Exercised			—
Forfeited			(24,380	)		$	2.55
Outstanding at March 31, 2016			5,152,685			$	1.11				8.31			$	3,920,264
Vested at March 31, 2016			2,142,468			$	0.90				7.44			$	2,130,712